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Gold, Silver Soar to Highs Early on Dollar, Oil

U.S. gold futures surged 2.2 percent at the open of the pit session Wednesday on the back of soaring crude oil prices, a tumbling dollar and technical buying.

Most-active gold for December delivery on the COMEX division of the New York Mercantile Exchange jumped $18.60 or 2.2 percent to $842.00 ounce. In early electronic trade, COMEX December gold had scaled a contract peak of $848.

Spot-month COMEX gold futures hit a record high of $875 on Jan. 21 in 1980.

COMEX December silver rose 37 cents or 2.4 percent to $15.75 an ounce, after trading as high as $16.275 in the overnight electronic session.